El Salvador’s President Nayib Bukele Says Bitcoin Will be Airdropped to its Adult Citizens
After passing the law that declares Bitcoin a legal tender, which goes into effect in September, El Salvador will be giving out $30 in bitcoin to any of its adult citizens that download a specific app and get verified there.
With a population of 6.5 million, about 70% of it is over the age of 15. Adults are estimated to make up around 60% of the population in El Salvador. This puts the Bitcoin airdrop at roughly $11 million or about 3,440 BTC.
El Salvador’s President Nayib Bukele addressed the nation this week, where he revealed the upcoming airdrop and that bitcoin would officially become legal tender on Sept. 7.
To be eligible for this $30 airdrop in BTC, citizens have to download the Chivo e-wallet and get their facial recognition.
“The wallet app will even work anywhere with a cell connection, and you won't have to have a cell plan for the app.”
The President of El Salvador just explained how #Bitcoin works to his entire nation via a powerpoint.pic.twitter.com/3erUefHGB2
— Documenting Bitcoin 📄 (@DocumentingBTC) June 25, 2021
In his appearance on the ‘What Bitcoin Did’ podcast, Bukele shared that the law was designed to protect the unbanked and talked about using volcanic geothermal energy to mine crypto.
He said that the country had found new wells that will provide further 95 megawatts that will be used for bitcoin mining, which has already found a lot of interest in the country.
“We have had interest in probably 2 gigawatts, which is 2,000 megawatts and we only have 95 so they're going to go like this. And they're going to provide a lot of income to the country.”
Not just countries in Central America but even in the US, several states are taking an active approach to crypto adoption.
This week, New York City Mayoral front runner Eric Adams said, “We will become the center of Bitcoin. Miami, you had your run, but we're bringing our business back.”
Another American state competing to be the most Bitcoin-friendly is Texas, the 9th largest economy in the world, which aims to bring more security to its jobs, economy, and energy grid through Bitcoin adoption.